Raise the Hammer

Comment 65370

By Nord Blanc (anonymous) | Posted June 30, 2011 at 08:02:54
in reply to Comment 65364

The Spec article also clarifies the funding pipeline and expertise of project partners:

"The city lent HRCC $2 million from the Future Fund to get started and Forum is not in the game to lose money.

HRCC, which aims to leverage $40 million of investment downtown, is entirely owned by Forum president Richard Abboud. Yet while the city has no stake in the company, it gets 50 per cent of the vote on projects to tackle. The group has tried to land other deals, including failed development proposals for the public school board property downtown and for a surplus city parking lot on King William to be used for housing, office, cultural space and a grocery store.

The corporation also holds the option for the former Sandbar tavern building on King Street East that was seized from its owner.

Abboud is reluctant to offer timelines or the level of investment the Cannon Knitting project will entail. He’s never ventured into a restoration before, usually partnering with municipalities and governments to build court houses, detention centres, arts venues, mixed use housing, schools and public administration buildings.

Forum’s most recent project is a $225 million town centre in Orleans, Ont., featuring an arts and cultural centre, a hotel, office buildings, retail and commercial space, a seniors’ home, housing and green space."